FINANCE, ECONOMIC DEVELOPMENT AND JOBS
AGENDA
SPECIAL MEETING
October 12, 2026, 12:00 p.m.
City Hall North Conference Room A
1600 Truxtun Avenue
Members
Larry Koman
Eric Arias
Andrae Gonzales
1. ROLL CALL
2. PUBLIC STATEMENTS
a. Agenda Item Public Statements
b. Non-Agenda Item Public Statements
3. ADOPTION OF MINUTES
a. July 20, 2026 Minutes
4. STAFF REPORT
a. Presentation Regarding the Enhanced Infrastructure Financing District Feasibility Study
Staff recommends the Committee make recommendations on the presented information.
b. Update to General Fund Budget Forecast
Staff recommends the Committee receive and file the presentation of the budget forecast update.
5. NEW BUSINESS
6. COMMITTEE COMMENTS
7. ADJOURNMENT
1 FINANCE, ECONOMIC DEVELOPMENT AND JOBS
MINUTES
REGULAR MEETING
July 20, 2026, 12:00 p.m.
City Hall North Conference Room A
1600 Truxtun Avenue
Members Present: Larry Koman, Eric Arias
Members Absent: Andrae Gonzales
City Staff Present: Christian Clegg, City Manager
Rick Anthony, Assistant City Manager
Julie Drimakis, City Clerk
Randy McKeegan, Finance Director
Viridiana Gallardo-King, Deputy City Attorney
_____________________________________________________________________
1. ROLL CALL
Meeting was called to order at 12:03 p.m.
2. PUBLIC STATEMENTS
a. Agenda Item Public Statements
None.
b. Non-Agenda Item Public Statements
None.
3. ADOPTION OF MINUTES
a. May 11, 2026 Minutes
Moved by: Eric Arias
Staff recommends adoption of the minutes.
Approved
4. STAFF REPORT
None.
2 5. NEW BUSINESS
a. Update on Efforts to Promote Rosedale Ranch
Economic Development Manager Cater made staff comments and provided a PowerPoint presentation.
Moved by: Eric Arias
Staff recommends the committee receive and file.
Approved
1. PowerPoint Presentation
6. COMMITTEE COMMENTS
None.
7. ADJOURNMENT
Meeting adjourned at 12:57 p.m.
_________________________
LARRY KOMAN, CHAIR
_________________________
JULIE DRIMAKIS, CITY CLERK
ADMINISTRATIVE REPORT
MEETING DATE: October 12, 2026 AGENDA CATEGORY: New Business TO: Finance, Economic Development and Jobs Committee
FROM: Phillip Burns, Development Services Director
DATE: August 31, 2026
SUBJECT: Presentation Regarding the Enhanced Infrastructure Financing District Feasibility Study.
Staff and city consultant, Kosmont Companies, to provide an overview of analysis.
RECOMMENDATION:
Staff recommends the Committee make recommendations on the presented information.
BACKGROUND:
The City of Bakersfield is evaluating the use of a special purpose financing district such as an Enhanced Infrastructure Financing District (EIFD) to capture value from potential new development to fund critical infrastructure and community investment priorities. EIFDs are financed through tax increment generated from the growth in property taxes collected from within a designated district boundary.
District tax increment financing (TIF) capacity is estimated to range up to $717M over time. In addition to the TIF District funding capacity, the district would elevate the City’s ability to attract other public funding, particularly state and federal grants where we get extra points in application scoring.
While a city-only financing district strategy would likely achieve favorable “return on investment” for the City, a broader partnership including the County of Kern would further improve financial feasibility.
District can finance a variety of activities:
Infrastructure and public facilities of regional or communitywide significance such as public facilities, roadways, parking, parks and open space, etc. Maintenance
Affordable housing
The district can fund projects and public capital facilities located outside its official boundaries but must demonstrate a clear benefit nexus showing that the outside infrastructure directly supports or enhances the development inside the district.
Why are Public Agencies Authorizing Financing Districts?
1. Return on Investment: Private sector investment induced by district commitment accelerates growth of net fiscal revenues, promotes job creation, economic revitalization, housing production, and helps support essential infrastructure improvements.
2. Ability to attract other funding that is not otherwise available for projects within the community: additional funds / other public money; tax increment from other entities (county, special districts); and federal / state grants / loans (e.g., for transit-oriented development, water, housing, parks, remediation).
FISCAL IMPACT:
The EIFD feasibility study was funded in the Fiscal Year 2025-26 budget.
COUNCIL GOAL:
Economic Opportunity for All
Reliable Infrastructure
ATTACHMENTS:
None
ADMINISTRATIVE REPORT
MEETING DATE: October 12, 2026 AGENDA CATEGORY:
TO: Finance, Economic Development and Jobs Committee
FROM: Randy McKeegan, Finance Director
DATE: October 5, 2026
SUBJECT: Update to General Fund Budget Forecast
[Document Description]
RECOMMENDATION:
Staff recommends the Committee receive and file the presentation of the budget forecast update.
BACKGROUND:
The Finance Department’s Budget Office established a new long-range forecast during the 2024-25 fiscal year to build a better understanding of the sustainability of the City’s General Fund. This forecast showed that ongoing expenditures (and related growth estimates) exceeded ongoing revenues. This deficit pointed to the need to reduce City costs. The initial plan was to initiate cuts over the next three fiscal years (2026-27 through 2028-29) for a total of 16%. With the completion of the 2026-27 Budget, preliminary results of the 2025-26 fiscal year and updates to some cost elements, the Budget Office has been able to update the forecast. Staff will present the updated budget forecast and provide opportunities for discussion.
FISCAL IMPACT:
The full fiscal impact will be explained in more detail when staff does the presentation.
COUNCIL GOAL:
Innovative and Efficient City Government
ATTACHMENTS: